Financial Transparency

Annual Financial Reporting Overview

Charter schools in Idaho must report financial information annually in accordance with regulations adopted by the Idaho State Board of Education. The fiscal year runs from July 1 through June 30. An annual financial report—covering all accounts and funds—must be submitted to the Idaho Department of Education by September 30.

Annual Audit

Following the fiscal year’s close on June 30, a professional auditor—engaged under a written contract—performs a comprehensive audit of all charter school funds, including student activity accounts, in compliance with generally accepted auditing standards.

Audit objectives include:

Proper financial operations
Fairly presented financial statements
Compliance with laws regarding special revenue funds
Effective internal controls
Reliable public and governmental financial disclosure

The audit must be accepted by the Board of Trustees and filed with both the Idaho Department of Education and the State Legislative Auditor by October 15.

Budget Report

Preparation for the next fiscal year begins prior to July 1, with the charter school developing an annual financial plan that estimates revenues and allocates expenditures across programs and funds. The budget must follow the format mandated by the State Superintendent.

Key Timelines:

Public Notice
At least 14 days before the public budget hearing, notice is posted with a summary statement of the budget for the current and ensuing years in the local newspaper and on the school’s website to inform the public and encourage participation.
Public Hearing
Held during the charter school’s regular June meeting.
Budget Adoption
The budget is adopted either during the hearing or within 14 days afterward.
State Submission
The adopted budget—signed by the Charter Administrator and Board Chairperson—is submitted to the Idaho Department of Education within 21 days.

Monthly Expenditures

To maintain financial transparency throughout the fiscal year, charter schools prepare monthly expenditure and payroll reports. These reports support board oversight, monitor adherence to the adopted budget, and provide data for decision-making.